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afc energy plc (AFC) Details

AFC Energy plc develops and sells alkaline fuel-cell systems in the United Kingdom. Its fuel-cell systems use hydrogen to produce clean electricity. The company was founded in 2006 and is based in Cranleigh, the United Kingdom.

afc energy plc (AFC) Key Developments

AFC Energy plc announced that it has executed its first commercial power purchase agreement (PPA) with Stadtwerke Stade GmbH for the sale of electricity generated at the company's fuel cell generation facility at Stade, Germany. The sale of electricity under the PPA represents the first commercial revenue to be generated from an AFC fuel cell system. Furthermore, it will not only provide a source of revenue for the company, but also provide valuable operational experience in the dispatch of electricity into the German power grid through one of the region's leading power utilities. The company has been in discussions with Stadtwerke Stade for the last few months in relation to the PPA and is now pleased to have agreed terms that will see the two companies collaborate as part of the company's fuel cell facility in Stade until 31 July 2017, with an option to extend the term of the PPA for a further 12 months. The commercial terms of the PPA shall broadly reflect the sale of electricity at spot market prices, meaning the company will potentially benefit from the sale of power at peak power pricing.

AFC Energy PLC reported unaudited interim results for the six-month period ended April 30, 2015. For the period, the company reported revenue of GBP 736,145 compared to GBP 455,702 a year ago. Operating profit was GBP 1,531,539 compared to operating loss of GBP 2,291,128 a year ago. Profit before taxation was GBP 1,534,241 compared to loss before taxation of GBP 2,247,761 a year ago. Profit for the financial year was GBP 1,732,483 compared to loss for the financial year of GBP 2,156,218 a year ago. Basic and diluted earnings per share were 0.60 pence compared to basic and diluted loss per share of 0.97 pence a year ago. Cash absorbed by operating activities was GBP 1,206,539 compared to GBP 1,912,925 a year ago. Purchase of plant and equipment was GBP 13,234 compared to GBP 92,413 a year ago.

AFC Energy plc, announced it has signed a Memorandum of Understanding with Dubai Carbon Centre of Excellence at the 2015 Water, Energy, Technology and Environment Exhibition in Dubai. The MOU, provides a framework for the assessment and potential deployment of an estimated 300MW of fuel cell generation capacity in Dubai. The 300MW of fuel cell capacity being assessed for deployment in Dubai by the end of 2020, making this the large single fuel cell deployment programme in the world. Joint venture to be negotiated between Dubai Carbon and AFC for commercial projects. Dubai Carbon and AFC to engage with Dubai-based clean energy funds to finance projects taken forward and Potential for multi-billion dollar revenue stream over life of projects for the joint venture. Dubai Carbon and AFC will commence the undertaking of initial pre-feasibility studies across these and other opportunities such that could see developments commence across the Emirate in the very near future. The joint venture will work closely with Dubai Electricity and Water Authority (DEWA), Emirates National Oil Company (ENOC) and Dubai Aluminium Company (DUBAL), in assessing these opportunities, and with local funding sources to support the equity and debt financing arrangements for the commercial projects. Dubai Carbon's and AFC's collaboration under the MOU creates a significant platform for both companies to capitalise on the immediate opportunities for deployment and growth in the hydrogen economy across the UAE.

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